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Mr. Rizal Wijono, Managing Director, SHKFM, said:
"We're proud to partner with Algebra Capital as they boast a local presence in these key markets and enjoy a proven track record in investing in the MENA region. The region provides a safe port amidst a storm in global markets, which have been significantly impacted by deteriorating credit markets and an impending U.S. recession. It's a region which has stood out and consistently delivered a strong performance."
The Economist Intelligence Unit forecasts GDP growth in the MENA region to average 6.5% p.a. until 2010, with oil revenues expected to drive government spending on infrastructure, real estate and construction to the tune of approximately $1.49 trillion over the next five years. Stock markets are also characterised by low valuations and high EPS growth rates, with currencies expected to appreciate by 13% to 40% over the next three years, according to the IMF.
SHKFM will act as the Investment Manager for the SHK Alpha MENA Fund with Algebra Capital being appointed as the fund Investment Advisor.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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